The power the brokers have over landlords' is very limited, even in hot rental markets like Boston and NYC. The landlords set the price, and the brokers try to rent them (first hand experience). Unlike sales, typically, there is no exclusivity in rentals, it's first come first serve. Whoever rents the apartments get the prize. Which creates tremendous competition among brokers.

It is in the brokers' best interest that the landlords lower their price and pay a finder's fee. This makes the apartment easy to rent. The idea that somehow brokers bound together to control the price is simply untrue (this notion is somewhat true in sales). Landlords control the price based on supply / demand.

Everyone tend to think that brokers themselves represent market inefficiency, which is also debatable. Everyone knows Craigslist, and if they wanted to be on it, they can. Now, why do landlords go through brokers at all, knowing there is Craigslist?

Last but not least. The reason that renting is such a unpleasant experience lies in the nature of the business, and also what I call the Craigslist's dilema. If you are interested, I'd be happy to write another article to further elaborate on this point.